Your agreement. Your next move.
Whether you're coming to the end of your agreement or something has changed along the way, there are a few different routes you can take.
Choose what you want to do and we'll guide you through the next steps.
Your Primary Period is ending. What happens now?
Reaching the end of your Primary Period doesn't automatically mean you own the equipment. grenke remains the owner of the equipment, and you'll need to decide what you'd like to do next.
Keep using it
Happy with your equipment? You may be able to continue using it after the Primary Period. Your agreement will continue in line with its terms and secondary rentals may apply.
Upgrade it
If it's time for newer equipment, speak to your supplier. They can discuss your requirements and, where appropriate, arrange a new solution with grenke.
Return it
If you want to end the agreement, you'll need to give us the required notice and arrange for the equipment to be returned in accordance with your agreement.
Keep using it
Happy with your equipment? You may be able to continue using it after the Primary Period. Your agreement will continue in line with its terms and secondary rentals may apply.
Upgrade it
If it's time for newer equipment, speak to your supplier. They can discuss your requirements and, where appropriate, arrange a new solution with grenke.
Return it
If you want to end the agreement, you'll need to give us the required notice and arrange for the equipment to be returned in accordance with your agreement.
Ready to return?
If you've decided not to continue with the equipment, there are a few things you'll need to do before your agreement can close.
Important
Don't assume your agreement has ended simply because you've stopped using the equipment. Your agreement remains in place until the required termination and return process has been completed.
Need to end your agreement early?
If you've decided not to continue with the equipment, there are a few things you'll need to do before your agreement can close.
Your settlement figure is calculated in line with the terms of your Hire Agreement and tells you the amount required to settle it early. Requesting a figure doesn't commit you to ending your agreement.
What happens to the equipment?
A Hire Agreement isn't a Hire Purchase Agreement. Your rental payments are for the use of the equipment and don't build towards ownership. grenke owns the equipment during your agreement.
What happens at the end depends on the option you choose and the terms of your agreement. If you have questions about the equipment at the end of your agreement, speak to us before making any arrangements with another party.
Has something changed in your business?
An agreement doesn't always need to end because your business circumstances have changed. In some situations, we may be able to consider a transfer or novation instead.
Transfer an agreement
Need your agreement moved to another eligible party or your circumstances have changed? Speak to us before making any changes to the equipment or agreement.
Transfers are subject to approval and the terms of your agreement.
Novation
If your business structure, legal entity or ownership has changed, a novation may allow an agreement to move from one legal party to another, subject to grenke's approval.
We'll let you know what information and documentation we need to consider your request.
From agreement to what's next
Need to make a change before then? Settlement, transfers and novations can be explored during your agreement.
Frequently asked questions
At the end of your Primary Period, you can choose what happens next. You may be able to continue using the equipment, upgrade it or end your agreement and return it. If you continue using the equipment, secondary rentals may apply.
No. A Hire Agreement is not a Hire Purchase Agreement. grenke owns the equipment and your rental payments are for its use, rather than payments towards ownership.
Secondary rentals are payments that may apply if you continue using the equipment after your Primary Period. They will continue at the frequency set out in your agreement until the agreement is ended in accordance with its terms.
If you want to end your agreement, you need to give grenke notice in line with the Terms & Conditions of your Hire Agreement. Check your agreement for the notice period that applies to you.
Contact us before returning anything. We'll explain what you need to do and where the equipment needs to go. It should be returned complete and in good condition, together with any relevant accessories, manuals or records.
We'll provide instructions on where your equipment should be returned. Don't return it to your supplier or another location unless grenke has instructed you to do so.
You can ask us about ending your agreement before the end of the Primary Period. We'll provide a settlement figure and explain what you'll need to do next.
A settlement figure, sometimes called a termination sum, is the amount required to settle your agreement early. It is calculated in line with the terms of your Hire Agreement.
No. Asking for a settlement figure doesn't automatically end your agreement. Your agreement continues until the required steps to terminate it have been completed.
Settling your agreement doesn't mean you automatically own the equipment. grenke remains the owner, and we'll explain what needs to happen with the equipment as part of the settlement process.
If your business circumstances have changed, speak to us before making any changes to your agreement. We can confirm whether a transfer is possible and what information we'll need from you. Any transfer will be subject to grenke's approval.
A novation is a process that may allow the rights and responsibilities under an agreement to move from one legal party to another. It is subject to grenke's approval, and we'll explain the documentation required.
Let us know if your company's name or registered details change. We'll tell you what information or supporting documents we need and whether any changes need to be made to your Hire Agreement.
Your Hire Agreement doesn't automatically transfer to the new business owner. Contact us before making any arrangements involving the agreement or equipment. We'll review the circumstances and explain the options available.
Walk through your next move
Tell us what you want to do and our team can explain the next steps for your agreement. Have your agreement number ready so we can help you more quickly.
